A diabetes-testing company saved from the brink of closure a year ago aims to develop a new blood monitoring device in a £2.4 million project that could create more than 40 new jobs in the Highlands.
Inside Biometrics (IBL) was within days of shutting its Dingwall plant when Surrey-based GlucoRx bought the business out of administration, saving around 23 full-time equivalent posts.
Subject to details and terms being agreed with the company, £1.2m funding has just recently been approved by Highlands and Islands Enterprise (HIE) to back work at the firm.
The development agency said its financial support could safeguard existing positions at the company, now called Inside Biometrics International (IBIL), and create up to 45 skilled jobs over the next three years.
HIE business development account manager Stephanie Andrew said: “IBIL is a highly innovative business that is well-placed to capitalise on a key growth market.
“The company is a key player in the growing life sciences cluster in the Highlands and Islands.
“This new project represents considerable potential investment by the company in its Highland operations.”
GlucoRx plans to re-start an IBL project to develop a prototype continuous blood monitoring system.
Group managing director Chris Chapman said: “We’re committed to furthering our pioneering research and development work into the next generation of continuous glucose monitoring systems.”